Fintech, enforcement and tougher rules on how the financial industry treats its customers were high on the agenda at the annual meeting of the Joint Forum of Financial Market Regulators, which concluded in Montreal on Monday.
The Joint Forum brings together members of the Canadian Council of Insurance Regulators (CCIR), the Canadian Securities Administrators (CSA), the Canadian Association of Pension Supervisory Authorities (CAPSA) and representation from the Canadian Insurance Services Regulatory Organizations (CISRO).
The umbrella group discussed a variety of high-priority regulatory issues, including the growth of automated financial advice, improving enforcement sanction payment rates, and co-operative oversight.
“The organizations were all focused on consumer protection and the fair treatment of consumers,” the Joint Forum says in a news release.
The CSA detailed the status of projects involving industry conduct standards, the regulation of investment fund fees, and oversight of the ombudservice. It also shared insights on its regulatory sandbox initiative, which aims to support industry innovation through tailored regulation.
The CCIR provided an update on the prototype fee statement for segregated funds,
and CAPSA made a presentation on the leveraged investment strategies of pension plans.
“The current financial services marketplace, marked by new and innovative technologies, products, services, and delivery models, combined with rapidly developing consumer expectations around service, transparency and accountability, presents a dynamic regulatory landscape with important challenges for regulators,” says Patrick Déry, noted Patrick Déry, superintendent, solvency, at the Autorité des marchés financiers, chairman of the CCIR and chairman of this year’s Joint Forum meeting, in a statement.
“As members of the Joint Forum, we are committed to providing greater opportunities for regulators to exchange views and share best practices, enhance cooperation and build regulatory capacity to support the consumer expectations as mentioned above, while ensuring consumers are protected and treated fairly,” adds Angela Mazerolle, chairwoman of CAPSA and superintendent of pensions and insurance at New Brunswick’s Financial and Consumer Services Commission.